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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
It is the price of goods sold or services provided by a business to its customers
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Asset
Cost
Capital
Revenue
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Question # 2
An expenditure incurred in increasing the efficiency of a fixed asset is called:
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Revenue expenditure
Capital expenditure
Current expenditure
None of these
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Question # 3
Errors of omission affects
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One account
Two account
Three account
None of these
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Question # 4
In form journal, the first column represents:
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Ledger Folio
Data
Amount
Debit
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Question # 5
Position statement is similar to a
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Trial balance
Balance sheet
Financial statement
Bank reconciliation statement
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Question # 6
A Journal is generally kept on:
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A columnar basis
A row basis
A single line basis
Vertical basis
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Question # 7
Errors which affect one account can be
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errors of principle
errors of posting
errors of omission
none of these
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Question # 8
Worksheet contains ______ pairs of money columns
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Five
Four
Three
Two
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Question # 9
A bill of exchange is a / an
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Promise
Unconditional Order
Request
Conditional Order
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Question # 10
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from
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Journal
Ledger
Trail balance
Transaction
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Question # 11
When is a drawee is declared insolvent which account is to be debited in the books of drawer
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Deficiency a/c
Bad Debts a/c
Solvency a/c
None of these
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Question # 12
Capital fun of non trading concern is equal to.
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Assets + Income
Assets + Liabilities
Expenditure + Liabilities.
Assets - Liabilities
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Question # 13
In cash book
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Each entry is followed by narration
Ledger reference is recorded
Each transaction is recorded in chronological order
All of the above
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Question # 14
Non-profit seeking organizations prepare
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Manufacturing account
Trading account
Income and expenditure account
Profit and loss account
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Question # 15
Registered company is
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2
3
4
5
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Question # 16
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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Question # 17
The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.
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Sales account
Performa invoice
Account sales
None of these
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Question # 18
General reserve at the time of admission of anew partner is credited.
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New partner capital account
General reserve account
Old parners capital account
All partners capital account
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Question # 19
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 20
The amount paid to person who was invited to deliver a lecture in a club is known as.
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Hoorarium
Salary
Wages
None of these
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Question # 21
Subcription received during the current year is.
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An income
An expenditure
An asset
An liability.
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Question # 22
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
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Balance sheet
Trading account
Trial balance
Statement of affairs
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